THE NEW MONEYby Emanuel A. Winston, Mid East analyst & commentator As we spiral down further and further into recession, there seem to be other things at play. I am reminded of George Herbert Walker Bush's statement about the coming New World Order. That statement from a man whose ancestry was German disturbed because it sounded too much like a prediction out of the now fallen Third Reich.
Some will recall Germany's deadly inflation where it took a basket of almost worthless Deutschmarks to buy a loaf of bread. Adolph Hitler's solution to his Depression was to start a World War and, of course, blame the Jews for its failed economy.
The scheme worked as Germany's debts were dismissed as uncollectible.
I am not attempting to discuss Germany's economic problems but, bridging them over to the present American and Global economic catastrophic crisis. There was something in the statement of a New World Order that somehow is connected to today's financial melt-down.As I watch President Barack Obama and the Democratic Congress requisition almost a Trillion Dollars, this on top of the prior Billions requisitioned under Bush and the Republicans. Something was not right and no one seemed to understand what.
There was also the matter of printing money, freely, with little restraint or sense of responsibility to the future. As long as there was paper and ink, why put any limit on printing currency?
Well, we all know about runaway inflation and the tendency of Third World Nations to print money flagrantly, to the point that it's virtually worthless. Recently, Robert Mugabe of Zimbabwe put out a Trillion note - theoretically worth thirty-five dollars.
Later, he deleted many of the zeros because it seemed to be too many.
In any case, what other nation would accept Zimbabwe's currency. For that matter, how many nations like China, for instance, will continue to accept U.S. Bonds and remain confident that those Bonds will be redeemed with interest guaranteed by our Fed.
But, let us speculate on George Herbert Walker Bush's comment on a "New World Order". Sure we Americans have a stated debt of $10 Trillion Dollars - although I suspect it is far greater. How will we pay it back? Will our children and our grand-children be beggared to pay it back?What with the coming rampant inflation, leading to another 1930s-type Depression and - we have borrowed as much as other nations will lend us - what shall we then do?
Perhaps we will do as Zimbabwe and simply issue new money with pretty pictures and many zeros. We could wipe out our debt overnight with new money and value it at any price we think acceptable. Would that new money become the American Dollar, possibly the Grand Global Currency.
This, of course, would be some kind of New World Order. What about the money the American people have earned and saved? Would the Fed give us the new money for our banked savings, Certificates of Deposit, Treasury Bills, Real Estate and all the monies we use to buy and sell?
Is this then the great plan to create a level playing field by the masters of Global Finance and Trade? Is this the New World Order we unimportant humans must live within - according to their plan?
The Rich, the Producers will, of course, lose all that they have worked for. The Poor will always be poor but, they will be forced to live on the new welfare money merely, to keep them from rioting for bread in the cities.
I am reminded of a humorous story about a Martian who lands in New York City. He sees a parking meter and asks a passerby: "Hey, do you have change for a Gloycal?" Perhaps that's what we shall call the new money: "Gloycals".
So, to whom do we owe our mis-fortune? The Oil Maggots, the Bank Manipulators, the remnants of the Third Reich, the greedy and the ruthless? Do you get the feeling that the earth is spitting us out as bad seed for what we have done?
I personally believe that a Higher Authority might have lost patience with an ungrateful human race, especially for having treated his chosen messengers with continual abuse.
It's time for reckoning among the nations.